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COHO RES OURCES INC. ANNOUNCES RESULTS

 COHO RES OURCES INC. ANNOUNCES RESULTS
 DALLAS, Nov. 6 /PRNewswire/ -- Coho Resources Inc.


(NASDAQ-NMS: COHO) announced today its financial and operating results for the nine months ended Sept. 30, 1992. The results are summarized below:
 COHO RESOURCES INC.
 Summary of Financial Results
 (Thousands, except per share data)
 Nine Months Ended Three Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net Oil Production
 (Bbls/day) 4,312 3,516 4,690 3,460
 Net Gas Production
 (Mcf/day) 2,661 834 1,613 1,995
 Operating Revenue
 Net oil and gas production $19,842 $17,567 $7,217 $5,986
 Operating Expenses
 Oil and gas production 3,894 4,401 1,529 1,501
 Taxes on production 1,211 982 460 344
 General and administrative 2,074 2,006 699 625
 Depletion and depreciation 5,718 5,322 2,178 1,722
 Total Operating Expenses 12,897 12,711 4,866 4,192
 Operating Income 6,945 4,856 2,351 1,794
 Interest 1,827 2,228 682 756
 Income Taxes (Deferred) 1,936 1,028 632 416
 Net Earnings 3,182 1,600 1,037 622
 Cash Flow From Operations 10,902 8,023 3,869 2,780
 Average Common Shares
 outstanding 11,847 11,847 11,847 11,847
 Shares outstanding at the
 end of the period 11,847 11,847 11,847 11,847
 Earnings Per Share $0.27 $0.14 $0.09 $0.05
 Cash Flow Per Share $0.92 $0.68 $0.33 $0.23
 COHO RESOURCES INC.
 Condensed Balance Sheet
 (In thousands)
 Sept. 30, Dec. 31,
 1992 1991
 Assets
 Current assets $5,992 $7,760
 Property and equipment 99,791 85,615
 Total $105,783 $93,375
 Liabilities And
 Stockholders' Equity
 Current liabilities $3,317 $6,727
 Long-term debt 49,000 38,250
 Deferred taxes 3,844 1,958
 Stockholders' equity 49,622 46,440
 Total $105,783 $93,375
 For the nine months ended Sept. 30, 1992, the company has reported net earnings of $3.2 million ($0.27 per share) up 99 percent from $1.6 million ($0.14 per share) for the same period in 1991.
 Net production revenue increased 13 percent from $17.6 million at Sept. 30, 1991 to $19.8 million for the nine months ended Sept. 30, 1992. The increase in production revenues in 1992 reflects a 23 percent increase in crude oil production volumes and a three-fold increase in natural gas volumes partially offset by 11 percent and 5 percent declines in oil and natural gas prices respectively.
 Cash flow from operations for the nine month period ended Sept. 30, 1992 of $10.9 million was 36 percent higher than the $8.0 million recorded in 1991.
 Production expenses, including production taxes, decreased to $5.1 million for the period ended Sept. 30, 1992 from $5.4 million for the nine months ended Sept. 30, 1992. The decrease in production costs, despite production increases, reflects the company's continuing efforts to be as cost efficient as possible through streamlined operating procedures and implementation of new pumping and water disposal systems.
 For the nine months ended Sept. 30, 1992, capital expenditures totaled $19.2 million compared with $18.8 million for the same period in 1991. The 1992 capital expenditures include $9.6 million related to reserve acquisitions.
 The company acquired, in October, working interests in several oil and gas properties at East Laurel, Miss., adjacent to the company's existing Laurel field for $3.0 million. This acquisition added approximately 230 barrels per day of oil production and 900,000 barrels to the company's proved oil reserves.
 Coho Resources Inc. is a Dallas-based company with shares listed for trading in the over the counter market on the NASDAQ National Market System. The stock symbol is COHO.
 -0- 11/6/92
 /CONTACT: Jeffrey Clarke or Douglas R. Martin of Coho Resources, 214-991-9493/
 (COHO) CO: Coho Resources Inc. ST: Texas IN: OIL SU: ERN


BP -- LA007 -- 8146 11/06/92 11:30 EST
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Date:Nov 6, 1992
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